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Hannan Ezekiel and Chandrakant Patel

THE JAPANESE BALANCE OF PAYMENTS in the postwar period began to show a tendency to fluctuate in 1953, when it moved abruptly into deficit. Between 1952 and 1958, there were two cycles in Japan’s balance of payments. These cycles were examined in considerable detail by Narvekar,1 who brought out, on the basis of annual data, the interrelations between the domestic and international factors that were reflected in these movements in Japan’s external balance. The present paper traces the fluctuations in Japan’s balance of payments since 1959 and examines some of their characteristics. For this purpose, it draws on quarterly data on Japan’s balance of payments now available for the period beginning 1961 and estimated by the authors for 1959 and 1960. However, it does not attempt to relate these fluctuations in detail to developments in domestic or international demand and supply conditions.

International Monetary Fund. External Relations Dept.
In a press release issued on July 28, the IMF announced it has approved a 17-month Stand-By credit for Russia equivalent to SDR 3.3 billion (about $4.5 billion) to support the government’s 1999–2000 economic program. There will be seven equal disbursements of SDR 471.4 million (about $640 million), with the first installment to be released immediately. Subsequent installments will depend on quarterly reviews being completed and performance criteria and structural benchmarks beingmet. At the conclusion of the IMF Executive Board meeting, IMF First Deputy Managing Director Stanley Fischer made the following statement.
Jørgen R. Lotz and Elliott R. Morss

THE QUESTION often arises whether there is scope for an increase in the level of taxation in a country as part of a stabilization program, for the mobilization of resources to finance a development program, or for other purposes. A relevant consideration in answering this question is how the tax effort of the country compares with that of other countries in similar circumstances.

Grant B. Taplin

WORLD TRADE MODELS have been developed both because of the inherent interest in the flow of resources from country to country and as a remedy for the oversimplified treatment of the foreign sector in domestic models. In most domestic models, the foreign sector is treated either as autonomous and predetermined or as a function of domestic factors exclusively.2 The international economy, however, is a complex network of interrelated trade flows, capital movements, and payments settlements. It is a system in which domestically induced changes in one country’s income, prices, and other economic forces affect economic activity in other countries, which in turn transmit the changes on to each other and to the country of origin. These influences are especially important in the formulation of domestic policies and in the international coordination of national economic policies.

International Monetary Fund


This volume is the Seventh Issue of Selected Decisions of the IMF and Selected Documents. It contains the decisions, interpretations, and resolutions of the Executive Directors and the Board of Governors of the IMF to which frequent reference is made in the current activities of the Fund. In addition, the volume contains certain documents relating to the IMF and the United Nations. This issue contains most of the decisions that were published in earlier issues but not decisions that have ceased to be effective or that are referred to less frequently than in the past. A substantial part of this volume is devoted to decisions taken by the IMF since the last issue. With few exceptions, the decisions in this volume are general in application and relate to obligations, policies, or procedures under the Articles of Agreement. Subject to the few exceptions referred to, decisions that affect individual members are not included. Decisions of the Fund that are included in the By-Laws and the Rules and Regulations are general in application but are not reproduced in this volume.

International Monetary Fund. Secretary's Department


The speeches made by officials attending the IMF–World Bank Annual Meetings are published in this volume, along with the press communiqués issued by the International Monetary and Financial Committee and the Development Committee at the conclusion of the meetings.